Queries re Capital Gains

Hello, Hoping might be able to help with some capital gains queries. 1. Am I correct that if I made a loss in a property, say originally purchased in 2007 for 100k and sold for 90k in 2014 - as there is no capital gains to pay nothing was to be done re this i.e no reporting or to pay. 2. If I lived at a property for the full time (2.5 years) and sold, am I correct that if met the PRR then again no reporting to be made at all as no capital gains to pay as I should receive full relief as resided and owned property. 3. On any sale of a property as long as I meet the criteria for PRR, am I correct that that I would not need to raise a self assessment or declare this in any way? If you can please confirm, it would be greatly appreciated.

Hi,

Where an asset is disposed of for less that it was acquired for, then a loss arises, which is not taxable.

If your Private Residence Relief is applied over the whole period of ownership of the property, it would cover any gain arising from the disposal and no tax would be payable. If Private Residence Relief applies to the property disposed of, so that no Capital Gains Tax is payable, then you do not need to report the disposal to HMRC.

Thank you.